Last year was not the best for both old and new cryptocurrency traders, and this is being made evident in more ways than one, as a sizeable number of traders and investors, a majority of which are Bitcoiners have continued to reveal the many tens and thousands of dollars that they have lost to the bears. Meanwhile, for Sam Karagiozis, a one-time high school dropout, his losses are in millions.
Karagiozis, who ditched high school at 15 and served customers at McDonald’s with burgers, before securing some property investments had been a long term Bitcoin investor for 5 years, giving him the opportunity to benefit from Bitcoin’s $27,000 peak in October 2017.
Having faith in yet another all-time high, Karagiozis threw in $15 million to build a Bitcoin ATM network in Australia. But a few years later, when Bitcoin dipped, this Bitcoiner was left with no choice that to calculate his losses.
“I was an early investor — I’ve been investing in bitcoin for five years now, and the value of the bitcoin I’m holding, from its peak to this week, has dropped by about $3 million, but I’m still holding the same amount of cryptocurrency as I was 18 months ago — it’s just worthless.”
While most investors have fully backed out from any form of Bitcoin investment after last year’s intense bearish outpour, Karagiozis is still betting big on Bitcoin’s recovery, as he recalled similar moments from years back saying ;
“It’s definitely not the first time it had dropped — for instance, in the past it hit $1200 and dropped to $100 a few years ago, which was a huge drop. It does have a history of dying and resurrecting again,”
The investor, after having expressed confidence in Bitcoin revealed that his money is still tied to Bitcoin despite his million dollar loss. He, however, concluded that he does not invest whatever he cannot afford to lose while urging traders to carry out intensive research before taking up any investments.